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- Societe Generale (based on Bloomberg)
Pair's Outlook
EUR/USD booked some moderate gains throughout the session on Tuesday, but it was repeatedly contained by the two-month downtrend line at 1.0940. This one remains a key supply level for the pair, which also guards 100-day SMA and monthly R1 at 1.0959/72. Unless all of them are breached, the focus will not shift to 200-day SMA at 1.1052. On the other hand, the bears are also required to confirm the support at 1.0862/41 in order to push further expectations downwards. By closing below the monthly pivot point, the next lower target will be the January low at 1.0711.
Traders' Sentiment
Long SWFX market participants continued to lose ground yesterday, with their share tumbling to 41% from 43%. Meantime, pending orders are 52% short in both 50/100-pip ranges from the spot.
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